HTC has been priced out of the Brazilian market but its competitors, ceasing its operations in the Latin American country.

A statement from the vendor read: "After careful analysis of our lines of business, HTC is closing our office in Brazil." The firm will continue to provide support for existing customers in the country even after it closes its Sao Paolo-based office.

The vendor has faced competition from low-cost manufacturers, and is believed to be refocusing its efforts on markets where it has more widespread brand recognition, such as China and India. Rivals such as Lenovo, Nokia and ZTE have released handsets priced at below US$100 in Brazil – around half the cost of the average HTC device.

Over the next four years, Brazil is set to become the fourth-largest smartphone market in the world, behind only the US, China and India. It is currently the tenth-largest in terms of shipments.